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5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority
===========================
8ai) What is 'Money Supply'
Money supply is the entire stock of currency and other liquid instruments circulating in a country's economy as of a particular time. Also referred to as money stock, money supply includes safe assets, such as cash, coins, and balances held in checking and savings accounts that businesses and individuals can use to make payments or hold as short-term investments.
8aii) The demand for money is the desired holding of financial assets in the form of money : that is, cash or bank deposits. It can refer to the demand for money narrowly defined as M1 (non-interest-bearing holdings), or for money in the broader sense of M2 or M3.
(3a)
(i) Want: want simply means the desire or wish to own goods or services that gives satisfaction
(ii) Scarcity: scarcity refers to the limited available resources used in satisfying the unlimited human want.
(iii) Scale of Preference: this is refer to a list of individual wants in order of their relative importance.
(iv) Opportunity cost: Opportunity cost means the alternative foregone or sacrifice made in order to satisfy another want.
7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
7aiv) Per capita income or average income measures
the average income earned per person in a
given area (city, region, country, etc.) in a
specified year. It is calculated by dividing the
area's total income by its total population.
1a)
Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000
1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5
1bii)
Dependency ratio is 0-17
1c)
Percentage of the population that constitute the labour force
Age:
18-49=550
50-60=300
=850
Total population is 2000
% of labour force=850/2000*100%
=42%
1d)
The population decliner because it reduce from the age 1-17 to 60 and above
1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
(No6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
(No6b)
(i) Money market - central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
1a) total population of the country
age 0-17 = 900
18-49 = 550
50-60 = 300
6.1 = 200
=2000
b) under 18 = 900
60md above = 280
the ratio = 900 : 250
18 : 5
bii) dependency ratio is 0-17
c) percentage of the population that constitute the labour force
Age. 18 - 49 = 550
50 - 60 = 300
= 850
Total population is 2000 % of labour force = 850 * 100%
_____
2000
=42.5%
d) the population decline because it reduce from the age 1-17 to c1 and above
e) per Capital become
4,000,000
____________
850. = 1,705,882
Approximately 4706
(No6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
(No6b)
(i) Money market - central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
(6c)
(i) Provision of loan: Commercial Bank make both short term and medium - term loans and overdrafts available to those involved in economic development.
(ii) Development of International Trade: Commercial banks through issuing of traveller's cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.
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